Historic soybean harvest is expected in Ukraine this year

The soybean harvest in Ukraine in 2024 may reach 6 mln tons, which is a historical record. This was stated by Taras Vysotskyi, First Deputy Minister of Agrarian Policy and Food of Ukraine, during a briefing.

“We have wheat production at the level of the previous year – more than 22 million tons and about 6 million tons of barley, which is similar to the last year’s figure, and a good rapeseed harvest. Soybean harvest is expected to reach 6 million tons, which is a historical record. In addition, corn is expected to be harvested within 24 million tons and sunflower – 10 million tons,” Vysotsky said.

According to him, the main grains (wheat, barley, rye, oats, legumes) and rapeseed have been fully harvested. Corn is 67% harvested, sunflower and soybeans are 95% harvested, and most of the sugar beets have been dug up.

Vysotsky explained the expected record soybean harvest by the fact that it is an important crop for crop rotation. Financial conditions are difficult, so there are not always funds for expensive mineral fertilizers, while soybeans require less fertilizer and leave nitrogen in the soil, which partially offsets the factor of higher soybean prices.

In addition, soybeans are encouraged to increase planted areas because they are a lower-value crop with a higher cost.

“After almost three years of full-scale invasion, we see challenges with logistics, as it is more expensive per 1 ton of product than before the war. For example, corn costs $200, and logistics costs about $30-40. At the same time, soybeans cost $450, and the pricing policy of logistics is stable,” Vysotsky said.

He added that Ukraine can process only one-third of the total soybean harvest, so most of it will be exported. The EU, Turkey and China remain the largest consumers.

Tags: Ukraine, soybean, crop forecast